Section 88: Application of proceeds of sale.

(1) The proceeds of any sale in accordance with the last preceding section shall be applied as follows,and in the following order-
(a) first in payment of any customs and excise duties and State warehouse rent owing in respect thereof; then
(b) in payment of the expenses of the sale; then
(c) in payment of the rates and expenses due to the Authority in respect of the goods; then
(d) in payment of the freight and other claims or lien of which such notice as aforesaid has been given, and the surplus, if any, shall be paid to the owner of the goods on demand.
(2) In case no such demand is made within one year from the sale of the goods, the surplus shall be paid to the general account of the Authority, whereupon all rights to the same of the owner shall be extinguished.